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Asked by Readingsforlife, Chicago, IL Tue Nov 8, 2011

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Answers

15
Robert Spino…, Mortgage Broker Or Lender, Mill Valley, CA
Tue Nov 8, 2011
Readingsforlife,

It is never normal or acceptable, in my opinion, for any professional to provide poor communication. As diplomatically as possible, if your fate is in their hands, make these people know that you need better, more responsive service.

If I can help address your concerns at any time, just let me know. I can't help you directly, but I'm happy to offer what advice I can. Nobody should be made to feel the way you feel when buying a home.

Rob Spinosa
rspinosa@rpm-mtg.com
1 vote
albert burns, Agent, oakbrook, IL
Tue Nov 8, 2011
Unfortunately, yes its normal, just be ready to respond timely with additional information when requested. Being in underwriting is a good thing, you are on the last leg of the journey. Keep a low profile on buying anything until your loan closes, they may run a credit check on you the day before closing.
1 vote
George Karmi, , Chicago, IL
Tue Nov 8, 2011
NO NO NO
The first thing I would do is to pre shop for loan officers, if your not happy with the current loan officer and you seek out another one the process of pulling your credit mulitple times will hurt you in getting approved and qulafying for a lower intrest rate. As far as communication goes its different with people because there is no scale that determins the level of communication. with me personally I wanna know every small detail and sometimes that slows down the person that Im asking, but at the end of the day I feel better. Im a realtor not a broker, BUT if you need a good broker or loan officer shoot me an email Georgekarmi@hotmail.com Ill be more than happy to pass your info along. First time home buyers can feel overwhelmd but its a big process too
0 votes
Readingsforl…, Home Buyer, Chicago, IL
Tue Nov 8, 2011
hi All thanks for the information. As far as big banks .. Is Wintrust a Big Bank ? My LO was doing great for a while when requesting every single piece of paper. He was a referral and had been great up until last week. Now that we're at this point it's been pretty quiet .. the Processor stated that most underwriting times are between 24-48 hours however I haven't really spoken to my actual LO in a while. Wasn't sure if this was how things are supposed to be . Thanks for all of your input. I will continue to sit on needles for a couple more days
0 votes
Rosina del M…, Agent, Alexandria, VA
Tue Nov 8, 2011
It is not normal. Some people think that less is best but other wants to feel reassure by their loan officer. If you do not feel comfortable with your loan officer now that you have not started the buying process imagine how will you feel when you have a ratified contract a closing date and your L.O is M.I.A!
Ask around get referrals from people you trust talk to the L.O and see if you click with him, state your expectations from the beginning and if both feel that there is a win-win situation go forward with him. Alert while you do your shop around DO NOT ALLOW them to run your credit until you decide with what lender you are going to work with. Sometimes Real Estate Agents know L.O that have worked with in the past and have good experience with them that could be a good source of information for you.
0 votes
Matt Laricy, Agent, Chicago, IL
Tue Nov 8, 2011
If your using one of the big banks, you should be happy they call you back at all. They are the worst. But if you are using a smaller bank, no news is usually bad news. I would get on your loan officer and see what is going on. It also sounds like you got a terrible loan officer. They should be in open communication with you.
Web Reference:  http://AmericorpRe.com
0 votes
Cindy Finner…, Agent, Chicago, IL
Tue Nov 8, 2011
Lack of communication is never good, period. This to me indicates that the person is on overload , lacks communication skills or is inexperienced, and maybe a combination of all. I would start a paper trail and send an email explaining your disatisfaction and your expectations. If you don't see an improvement I would ask to speak to a supervisor.
0 votes
Joe Schiller, Agent, Chicago, IL
Tue Nov 8, 2011
you get what you pay for.. if you found this on the internet I assure you the problems have just begun ..just wait till the appraisal is off or paperwork is missing or there is a rate adjustment or what ever.. if you asked your agent for a referral then call your agent and tell the agent to fix this issue, if you found the LO on your own.. call every day until you have a satisfactory answer.. bottom line.. its a service industry and service includes feedback - mostly email but occasionally verbal.
Web Reference:  http://www.joeschiller.net
0 votes
Evelyn S. Fr…, Agent, Chicago, IL
Tue Nov 8, 2011
Hi there,

Sounds like you need a better loan officer, one that appreciates his/her clients. Where is your agent in this?

I would call the loan officer and insist on regular updates or find another that will be there for you. Lack of communication should not be a norm in this or any other industry.

That being said, it sounds like your loan is moving along. Don't wait for them to call you, pick up the phone.
0 votes
David Hanna, Agent, Chicago, IL
Tue Nov 8, 2011
The frequency of communication is a variable you can control.
You can and should pick up the phone and call the Loan officer and ask for an update on your file.
When you get a response, say you want to have a better idea about when you will hear from them again, and how often they or others involved in the loan will be contacting you.

Underwriting these days can be two weeks or up to five to six weeks. The lender is looking not only at you,but also the property and a host of conditions around it. Condos take longer, so does anything where there is a homeowner's association involved.

In the future, ask when you do the application what the communication will be like between you and the lender.
This is a good idea with anyone providing you a service that will take time to complete.
With our clients, we make sure it is clear when and how we will be in touch.
Good luck with your new home.
0 votes
Earl Ruthman, Agent, Chicago, IL
Tue Nov 8, 2011
Hi Reading, great question that is being asked alot these days.
One of the new reality's of real estate is that the financing process is taking much longer than in the past, One of the responsibilities (and just plain common courtesy) of the Loan officer is to have great communication with you so that the stress level is kept to a minimum. There is a chain of events that needs to happen to get a mortgage approved, your agent and loan officer should be keeping you informed as those tasks are being completed. After you have filled out your application and presented the contract to the loan officer the following events should happen... 1. An appraissal needs to be done of the property you are purchasing. 2. If it is a condo, the condo declarations and budgets for the association need to be sent to the loan officer and underwriter to make sure they are acceptable for financing. 3. Title needs to be shown to be good (sellers attorney's responsibility), 4. A survey has to be given to the loan officer and underwriter, 5. You need to clear all the conditions that have been brought up by the loan officer and underwriter (verifications of employment, bank statements showing deposits for source of down payment, most recent pay stubs and the like are examples). If your loan officer is being uncommunicative or even evasive, your attorney and realtor should be following up with the loan officer to make sure the chain of events needed to get a clear to close are happening. The home buying process may be a bit more complicated these days, but if you are working with a team of seasoned professionals who are looking out for your best interest, the stress should be kept to a minimum. I wish you good luck! ebr
0 votes
Barbara Bark…, Agent, Chicago, IL
Tue Nov 8, 2011
I would suggest to go with someone that has a good name for him/herself. I personally like using Jim Pomposelli with Chicago Bancorp. Check out his reviews on Yelp.com. http://www.yelp.com/biz/jim-pomposelli---chicago-bancorp-chicago . That should help you make the right decision.
0 votes
Suzanne Hami…, Agent, Orland Park, IL
Tue Nov 8, 2011
yes - it is completely normal. With most companies, loan officers are only allowed to give pre approvals and collect the application. Underwriters can and often will reduce the amount of qualification or put conditions on the loan or say no. Hopefully loan officers do a good job on prequalification, but with the rules changing on a daily basis from the government and from individual lenders making things stricter, often the underwriters have different rules than loan officers. My best advice is to keep in touch with your loan officer, give them exactly what they and the underwriters ask for when they ask for it and hope for the best. It is difficult and often a thorn in the side or realtors and buyers, but we need to keep in perspective that they are loaning a considerable sum of money and they can and do make the rules which govern who gets it. I just wish that the loan officers had more authority to make the prequalifications more effective. It is not pleasant for the buyer, seller or realtors when a deal goes down due to lender denial after time has gone by and money and time has been spent on all sides. Just know that buying now is a great deal with interest rates and prices. So don't get discouraged no matter what happens. Good luck!
0 votes
Anthony Cava…, Agent, Jolier, IL
Tue Nov 8, 2011
You must be using a big bank because they are the only ones I know of who treat their customers that way. Keep bugging them if you want to close on time. Here's the contact info for one of the guys I use. He's one of the best:

Mike Krakowski
Quality Mortgage Lending
Office (630) 470-6830
mikek@qualitymortgagelending.net
0 votes
Scott Godzyk, Agent, Manchester, NH
Tue Nov 8, 2011
The process is usually the loan officer takes your application, turns it over to the processer that gathers any info needed to complete the file and then submits to the underwriter for approval. A good loan officer will guide you through the process. One that is too busy or not customer service oriented will let the process take its course without so much as a return call or update. They key is to find a good one...

http://www.trulia.com/blog/scott_godzyk/2011/08/how_do_i_kno…


Please see my blog for tips and advice on getting a mortgage
Web Reference:  http://www.ScottSellsNH.com
0 votes
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